Creo Medical ends "pivotal" 2023 year with clear path to cashflow breakeven
London, UK
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February 12, 2024 07:43 AM Eastern Standard Time
Creo Medical Group CEO Craig Gulliford tells Proactive's Stephen Gunnion that 2023 was a pivotal year for the company.
Amid challenging market conditions, Creo successfully secured crucial funding, setting a foundation for enhanced operational focus rather than fundraising efforts. Key milestones included the launch of the Speedboat UltraSlim, a significant advancement in minimising medical device size, which led to the company's largest quarter in orders and technology uptake. This innovation, alongside the early market release of selected products, received positive feedback and significant regulatory clearances in the US and Europe, propelling Creo towards a robust setup for 2024.
Furthermore, Creo announced progress with its SpydrBlade and MicroBlate programs, showcasing advancements in surgical technology and partnerships with leading robotic surgery firms.
Financially, Creo reported a 13% revenue increase to £30.8 million and a 10% reduction in operating costs, reflecting strategic shifts towards more cost-effective and revenue-generating operations.
These developments signal Creo's transition into a fully commercial business, with a clear path to cash flow breakeven by 2025.
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